Dogecoin (DOGE) Top-3 Best Trading Asset in 24 Hours: Here's More

Cover image via U.Today

Bitcoin sustains trading above $61,000, a stable level indicating optimism in the cryptocurrency market. The overall sentiment remains positive, leading to a 0.95% increase in the total market capitalization to $2.28 trillion within the past 24 hours.

Despite the positive trend, the Fear and Greed Index remains in the Fear zone at 34, reflecting cautious investor sentiment. Notably, all top 10 cryptocurrencies display gains, with Dogecoin (DOGE), Solana (SOL), and Toncoin (TON) exhibiting increases of 0.55%, 0.59%, and 0.44%, respectively.

While these gains are modest, they signal a gradual recovery of market confidence. Bitcoin's dominance has declined to 53% after a 0.55% decrease. The positive performance of DOGE, SOL, and TON suggests that investors might be exploring diversification within altcoins, potentially contributing to this shift.

Dogecoin Price Analysis

Dogecoin's price action is attracting attention as it attempts to recover from recent lows. Consolidation is evident, with the cryptocurrency trading around $0.106. DOGE faces a crucial barrier at its 50-day moving average, a breakout above which could trigger a bull run.

Successful penetration of this level could lead to further gains in the range of $0.11 to $0.12. According to IntoTheBlock data, 73% of DOGE holders are currently In the Money, indicating solid support at the current price.

The Global In/Out of the Money analysis reveals a cluster of addresses that purchased DOGE between $0.10 and $0.11, potentially providing robust support. However, a significant cluster of Out of the Money addresses is located just above this price level, which could exert selling pressure if the price rises, making it challenging to break past $0.11.